Finnfund commits 10 million euro to scale electric logistics in Africa
Finnish development financier Finnfund has invested 10 million euro in Bisedge to expand electric material handling fleets in Nigeria, Kenya, and Tanzania.
Finnfund has issued a 10 million euro senior debt investment to Bisedge Holdings, a provider of electric material handling and logistics solutions. The capital is earmarked for the expansion of electric forklift fleets across Nigeria, Tanzania, and Kenya, aimed at reducing emissions within the industrial and logistics sectors.
This transaction represents Finnfund’s first electric vehicle investment in Africa. The deal is facilitated through a strategic partnership with the impact investment platform Trine, which has backed Bisedge since 2021. The collaboration aims to create a repeatable financial model, allowing institutional investors like Finnfund to scale up support for clean-energy enterprises as they outgrow early-stage retail funding.
Supported by the EU’s EDFI Renewable Energy Transition program under the Global Gateway strategy, the project seeks to address the slow pace of electrification in African industrial logistics. By replacing fossil-fuel-powered equipment with electric alternatives, the project intends to provide both environmental and operational benefits for businesses operating in the region.